Turkcell Iletisim Hizmetleri A.S. (TKC)

In its Q4 results, Turkcell (TKC+0.5%) noted revenue gains of 8% on the back of mobile broadband and fiber broadband sales, though net income was pounded by currency devaluation in Ukraine/Belarus, leading to a 49% decline.

Group revenues were TRY3.1B ($1.26B). Group EBITDA was up 8% to TRY917M ($317.3M, vs. an expected $394.4M).

EBITDA expanded 11% Y/Y to TRY1.016B while margin improved to 34.1% from 33.1% in Q3 2012.

Mobile revenue in Turkey grew 3% (7% excl. the impact of cuts to MTR) to TRY2.365B. Mobile broadband revenue jumped 39% to TRY385M. Growth was dragged by a Voice revenue decline of 3% to TRY1.664B as a result of mobile termination rate cuts.

Management reiterated full-year guidance and believes the company "could post results around the high end of our revenue and EBITDA target ranges." Analysts expect $6.219B in full-year revenue and EPS of $1.35.